Circulars/Notifications - Exchange Policy Department  
 F.E. Circular No. 15
February 11, 1992 

All Authorized Dealers
In Foreign Exchange,

Dear Sirs,


Authorised Dealers are aware that at present deposits under Foreign Currency Accounts Scheme are accepted on interest basis. Requests are being received  from public for permitting acceptance of the deposits on PLS basis from those who do not want to make interest‑based investments. In order to accommodate such requests, it has been decided to introduce "Special Convertible, Rupee Accounts" Scheme. The modus-operendi  for operating the scheme will be as under :-

      i)         The amount of deposits will be converted into rupees and credited 

                to the "Special Convertible Rupee" account of the depositor at 

                the rate obtaining on the date of deposit 

                        ii)              The record of the Special Convertible Rupee Accounts will 

                                    be kept separately.

     iii)               The depository bank will keep the evidence of receipt of 

                funds from abroad. 

    iv)          These accounts will be fed exclusively through the deposits 

                  received from abroad in foreign currency and the profit earned.

     v)             There will be no restriction on transfer of funds from these accounts 

                to any country abroad or to the payment thereof in Pakistan Rupees 

                in Pakistan as desired by the depositors,

     vi)       Forward cover will not be allowed on these special convertible 

                rupee accounts. The remittances outside Pakistan will be allowed at 

                the rate of  exchange obtaining at the time of remittance.

Yours faithfully
Senior Deputy Director
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